Babeled

Word Power will be a weekly blog that is intended to teach you the etymology and construction of everyday words.  Etymology in short is understanding the origin of words and how the word has evolved throughout history.  Today’s lesson is to understand the etymology of the word economy and other words associated with it.

Economy (Noun): [e-con-o-my]

1. Careful, thrifty management of resources, such as money, materials, or labor.
2. The system or range of economic activity in a country, region, or community.(American Heritage Dictionary)

Etymology

Like many words that are in use today, the word economy has its roots in Ancient Greece.  However, the etymology of this word would be easier to explain in two parts.  First we will look at the root eco, which is derived from oikos, and then we will look at the root nomy, which is derived from nomos.

Oikos (οικος)

Transitioning from the Dark Ages towards the Classical Age, not only did city-states, like Athens and Thebes pop up, but so did large family organizations within them.  This family organization in Ancient Greece was called an oikos.  Basically, the oikos referred to the house and everything included in the house, such as extended family, slaves, farmland, etc.  The responsibility of running the oikos went to the oldest male in the family and it was his responsibility to ensure that the household was well off.  Since agriculture was by far the greatest asset that the Ancient Greeks had, farming played a huge role in determining how sufficient an oikos was.  Keep in mind that oikos is the underlying inspiration for other words with the root eco-, such as ecology and ecosystem.

Nomos (νομος)

The second part of the word economy comes from the Ancient Greek root nomos.  Nomos translated literally means act, law, or principle.  The root nomos shows up in other words, like astronomy (the law governing stars) and autonomy (the law governing self).  The Ancient Greeks first combined these two roots to form oikonomia, which is just the plural of oikonomos.  When the Romans conquered Western Civilization, they replaced  -ik- with -ec-, thus making oeconomia.  Eventually the o- dropped off throughout history and the word economy was born.

Summary

Usually when people hear the word economy, they instantly think of money, Wall Street, giant corporations, and GDP (Gross Domestic Product).  All of these aspects that come to mind are integral in order to maintain our system of living, however some might not realize that the word economy literally means “the principles to maintain our house”.  Now, whether that “house” is government, Earth, or family is relative.

Extra Credit

Since you understand (hopefully at least) where the word economy comes from, I want to explain how the suffix -ics impacts a word.  I’m sure that, besides hearing the word economy, you have also heard the word economics.  The suffix -ics means like or pertaining to and when it is fixed to the end of a word, the word becomes a noun.  Just like it makes politics and economics a noun, it also makes Reaganomics a noun.

Image Used in this Post

New York Stock Exchange image courtesy of Flickr user Helico published under the CC license.